AdviCoach Franchise Reviews How to Create a Succession Plan for Your Business

AdviCoach Franchise Reviews How to Create a Succession Plan for Your Business

Creating an exit strategy for your small business not only includes having a plan for unanticipated events, such as economic hardships, disability or death, but it also encompasses creating a blueprint for business succession when it comes time for a small business owner to hang up his or her hat and enter retirement.

Do you know how you are going to exit your business or who you’re going to hand it over to when the time comes? Many small business owners tentatively know when they want to exit their small business but don’t plan ahead for the actual act, realizing this after it’s too late. Small business coaches at AdviCoach recommend their clients not to shy away from succession planning because it seems as if it’s too far in the future. In fact, reports that most succession experts estimate that the succession planning process should begin about 15 years before intended retirement.

Proactive succession planning leaves current small business owners enough time to train their successor so that they will be ready for the business when the time comes for him or her to take over. Creating a plan that outlines who will take over the company is a critical decision for small business owners to make and should not be rushed. For this reason, proactively creating a small business succession plan is key.

Today, AdviCoach franchise reviews the following four steps small business owners should follow when creating a succession plan for your small business to create a smooth transition of control and continual growth.

AdviCoach Franchise Reviews 4 Steps to Successfully Plan Your Business’ Succession

  1. Select Your Successor: The process for choosing who you are going to leave your business to after your exit requires careful examination of current employees of the business, family members, friends and other connections who could be a good fit to continue with your business. When identifying this person, it’s crucial to examine whether they have the potential or skills to lead the company into future success.
  2. Establish a Timetable: Creating a timetable for a successor to be phased into the small business is necessary when shifting control of the company. Establishing a timetable can help motivate the new business owner to move through training successfully and quickly, making them adequately equipped to run the business when the time comes.
  3. Extensively Train Your Successor: Even if you’re not planning on leaving your small business for 20 years, unexpected circumstances pop up, oftentimes leaving business successors scrambling. Proactively train your successor by identifying critical functions that you currently take care of each day and exposing them to how you complete these essential tasks. Your successor should have experience being completely immersed in the business so he or she can see the complete depth and breadth of how a typical week in the business operates.
  4. Phase in your Successor: Once the above steps are completed and the timeline nears its end, small business owners need to be prepared to let go of their business – which can be easier said than done. Trust is involved in this process. You chose your success for a specific reason, so trust your instinct and give complete control of the operation.

While succession planning can be an intense process, it’s worth the reward of watching your small business succeed and grow in the future. You don’t have to create your succession plan alone. Small business owners are encouraged to reach out to family members, employees, accountants or even small business coaches when creating an exit strategy. Small business coaches at AdviCoach are trained in helping small business owners create an extensive succession plan to prepare them for the future. For more information about how a small business coach can help you in the process, contact a coach today


No comments!

There are no comments yet, but you can be first to comment this article.

Leave reply

Your email address will not be published. Required fields are marked *